Nothing can be perfect but we have to try.
In bitcoin you can view the transactions without any key. Its a public ledger. 
Hiđ
Thank you for the corrections
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- Transparency:
Through a Public Decentralized ledger, collectively distributed and verified by many Nodes where each node has all data copy that it is immutable, cannot be changed, deleted. A new transaction needs a consensus of all Network to be added.
- Security:
No transaction can be added without consensus of all network.Also, no past transactions can be deleted, it is impossible because the âHackerâ or âcorrupt malwareâ would have to change all blocks transactions which is a big headache and âalmost impossibleâ.Therefore, once a transaction is made, there is no refund, charge back or so.
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Improved Traceability:
All transactions can be tracked to its origins because the past transactions cannot be deleted, they are immutable.This brings more capability to audit all the history of a product or asset.
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Increased efficiency and speed:
Clearing and settlement can occur quickly because you donât need to have intermediaries involved, which brings less human errors. Bureaucracy papers in the traditional Centralized System takes time to deal and cut efficiency.
- Cost reduction:
You can do a trade in less time because you donât need third parties involved and this brings less cost to the business.You just need to trust in the data, this brings more secure and reduces unnecessary fees.
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Transparency - transaction records stored in the blockchain are agreed by consensus, immutable, and openly available to all concerned parties, who therefore do not need to keep their own copies
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Security - transactions must be agreed by consensus to be included in the blockchain, and once included are immutable. The blockchain is distributed across the network hence does not share the same vulnerabilities as a centralized server
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Improved traceability - the transparency of the blockchain allows an audit trail that shows the complete journey of a asset through a supply chain, hence verifying authenticity and combating fraud
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Increased efficiency and speed - the transparency, security and traceability of blockchain replace inefficient and error-prone traditional trading and auditing across multiple copies of records. Instead, all parties can trust the transaction in the blockchain, allowing a transaction to conclude quickly
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Reduced cost - blockchain reduces the need for third parties and middlemen as records and documentation are shared and trusted in the blockchain
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Transparency: Blockchain is totally transparent. This removes the layer of trust between companies or individuals. Everyone has access to the data so there is less need for intermediaries or auditors.
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Security: Being decentralized ledger there is no way for somebody to change a posted transaction without modifying every copy on the network.
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Improved Traceability: With a blockchain a supply chain can be viewed and verified at every stage in the process.
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Increased Efficiency and Speed: The blockchain handles a lot of tasks that are currently done by humans. Reconciling different accounts and processing payments manually will be a thing of the past.
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Reduced Cost: Since the blockchain is totally transparent, always available and verifiable this will remove the need for external auditors and internal redundancies.
Explain with your own words, why these are the benefits of using a blockchain.
Transparency:
Everybody can check the blockchain
Security:
A distributed ledger is practically impossible to hack
Improved traceability:
Transactions are cryptographically linked together and each transaction can be linked backed to its roots.
Increased efficiency and speed:
When compared with a paper-based or middlemen based process
Reduced cost:
Removes the middlemen and the auditors
Exactly. In bitcoin we donât trust, we verify the transactions. 
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Great way to explain each of the benefits. Very good and on point. Keep up the great work! 
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Yes. The decentralization and the consensus that make the blockchain, gives us the security in itself. The more the network is decentralized and the more participants we have, the more the secure the network is. However the consensus still needs to be good. You will eventually learn about several other consensus that can be used in the blockchain.
What about the reduced costs?
1 - Anyone can verify the validity of the transactions
2 - The protocol assures the transactions were validated and double-checked via the agreement or consensus within the network, which is made of many independent computers that share the same copy of the ledger, making it very difficult to be altered.
3 - The ledger is open and contain all the recorded transactions up to this point, so it is possible and easy to check them back.
4 - The blockchain provides easiness in keeping and verifying the transactions, in an expeditiously way.
5 -Due to the previous features, one can maintain its transactions in the blockchain and assure and be assured of them, thus saving in audits, disputes and attestations.
- Transparency:
Increases the success rate of forensic work looking into different areas running on a blockchain. Although transactions may be private, they are hardly anonymous today.
Transparency also lowers the opportunity/incentive to commit fraud.
- Security:
No single point of failure. The network of record-keepers (nodes) holding the same copy/version of all the transactions ever recorded on the blockchain, verify (mathematically/protocol) the authenticity of every new transaction broadcasted. A transaction must reach the networkâs consensus in order to be recorded. Every new block in the blockchain is linked to the last block added. The incentivized miners, that make this decentralized network, are like 24/7/365 gate watchers, making the blockchain much more resilient to the constant hacking attempts.
- Improved traceability:
Enables us to know the provenance, stops and the allocation of any value/information immutably recorded on the blockchain. This is especially interesting to get a holistic view of a product; thus, minimizing the risk of counterfeiting. This technology can turn todayâs siloed supply-chain of goods & services into a supply-network (hopefully a mesh of interoperable blockchains). This will also revolutionize the process of accounting & auditing as we know them.
- Increased efficiency and speed:
By enabling Global trustless peer-to-peer transactions, running 24/7/365 on a secured network, this technology increases significantly the efficiency and speed of value transfer, compared to todayâs banking systems. The good flow and velocity of money (hard money) is key for a sound global economy.
- Reduced cost:
For all participants in a sound economy, cost/waste reduction is important in any action. Saving time, life force and increasing store of value. Blockchain technology can facilitate savings in several ways, for example:
Blockchain payment transactions are much cheaper than todayâs bank transfers! You pay a fee for your broadcasted transaction to be verified. This fee will be awarded to the miner that solves and mines the block that holds the record of your transaction.
For businesses operating with different fiat currencies, to buy & sell their goods & services, arbitrage is also a cost liability. Hopefully the use of blockchain technology for international settlements will be widely adopted to solve this.
Blockchain technology enables, the partners involved, full access to all documentation/data needed to make a trustless deal. This also reduces the volume of documentation to be reviewed; thus, saving consultant fees and reducing the timeframe to seal the deal.
1. Transparency: Everything in/on the ledger is viewable/knowable by everyone -
nothing is hidden from anyone. This facilitates Trust.
2. Security: The code upon which a blockchain is built creates a progressive system
of immutable/unchangeable authentication and verification -
which is repeated with and documented-stored within every subsequent transaction,
throughout the entire lifespan of the blockchain beginning at its inception.
3. Improved traceability: Since every transaction is 1st authenticated-verified
and then documented-archived within every subsequent transaction,
then any transaction is capable of being traced from any point â
"The Whole contains a record of Each of Its Parts"
4. Increased efficiency and speed: Computing is spread over networked machines operating mechanically, thereby reducing/eliminating the inefficiencies of human error / energy â
as well as capitalizing on the brute speed and efficiency of electronic calculations on silicon.
5. Reduced cost: In addition to the cost-savings of automation itself,
multiple business ârolesâ / objectives & kinds of record keeping-tracking
can be stacked upon 1 basic implementation of code.
Transparency: blockchain is a distributed ledger, so all the participants of the network share the same information. it can also only be updated through concensus.
Security: Transactions must be agreed upon before they are recorded. after agreement, the transaction get encrypted and linked to the previous transaction.
Information is also stored across a network of computers all over the world and not just one server
improved traceability: all information is accurately traceable on the blockchain.
Increased efficiency and speed: because its trustless, you dont need a third party mediation.
Reduced cost: you dont need a middle man, which cost money and time.
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Transparency: The benefit of transparency on the blockchain is, since it is a distributed ledger,all individuals who have access to the network must agree that in order to make a change or update,there must be consensus. No single person can make a change to the blockchain.
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Security: Since transactions must be agreed upon before they are recorded, and then approved, and then encrypted and linked to previous transactions, this process makes it nearly impossible for hackers to compromise the data. On top of that, the data is stored across a network of computers and not just 1 location or server, also making it nearly impossible for unauthorized changes.
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Traceability: If you use the blockchain to record transactions of any kind, you end up with an audit trail. This history allows the assets to be tracked every step of the way, reducing the ability for fraud because it makes it possible to preserve the authenticity of the assets.
4.Increased efficiency and speed: Since you are doing business on the blockchain and it is transparent to all involved, it is much easier, since everyone can see what is going on. Trust can be built quickly with this kind of transparency, eliminating the middleman and tons of paperwork that can get mishandled. At the end of the day, things will got done much more quickly and efficiently with blockchain technology.
- Reduced cost: Using the blockchain will reduce cost because you will not need any middleman or 3rd party to trust or verify or go over paperwork because the network does that. Trust disappears and turns into verification by the use of math.
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Transparency: When everyone has access to and is using one overall ledger it becomes much easier to verify through the math what is going on from many different nodes on the blockchain. For anything on the blockchain to be verified that has to be agreement or consensus amongst many nodes in the network.
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Security: The security becomes much better since these many different nodes (different points from which to access and view the ledger) are incentivized to tell the truth through mining or Proof of Work. With less miners, it is easier to generate higher profits which instills the desire for more people to mine. As soon as there is more mining the ability to create profit becomes a much more complex task. This keeps many people involved and consequently many eyes viewing all the transactions taking places on the ledger. So if any action doesnât seem to make sense or comes up false. It quick become highly probably that someone will catch and reject the false action taking place.
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Improved traceability: With so many different nodes verifying the data transfer taking place across the network, any given action develops a given history that one could follow from start to finish. This becomes quite invaluable for data involving supply chains of goods and services, foods preparation and transportation and or critical data in the health care sector.
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Increased efficiency and speed: With all the data running across a particular network, when that network has a traceable history someone can follow, it cuts down on possible âwhat ifâ scenarios that could arise. As well, in order to ascertain certain aspects of a given history a node would only have to look at ledger itself and not have worry about determining other âwhat ifâ concepts situated outside of the ledger. this cuts down on a lot of time and really speeds everything up.
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Reduced cost: When everything becomes a little more more streamlined, it means less hiccups/problems rising in the system. Which cuts down on contingency planning, meaning less money is being spend correcting malfunctions in the delivery of the data, items and so on. More money to be supplied back into other aspects of the operation, or more profits.
Transparency: A distributed ledger by design enables transparency because transaction records are visible and can be checked anytime on block explorer.
Security: New blocks on the the chain are transactions that are only recorded after cryptographic verification and consensus has occured, also being decentralised, it is difficult to modify.
Improved traceability: The immutability of transactions on the blockchain as a distributed ledger enables one to check the history of all transactions right up to origin block zero.
Increased efficiency and speed: Traditional processes that involve paper or even Web 2.0 still involve additional layers of processing between multiple people, systems and databases. The blockchain is a shared single ledger that provides a consistent reference across all participants in the process, there is no need to have additional reprocessing.
Reduced cost: A shared single ledger enables trustless and efficient processing, therefore reducing costs because we can skip middlemen.
1- Transparency : Blockchain got updated through consensus of its network participants, means that all must agrees before the information is recorded.
2- In blockchain, information is recorded across a network of computers instead of a single server, this make it hard to be hacked
3- In blockchain we can trace the transaction origin, in case of supply chain for example, we can trace the ingredients origin of a product, so there is more traceability
4- Since there are no intermediaries, record keeping of transactions are performed using a single digital ledger, so no need to reconciliation of ledgers and accounts
5- Absence of third parties and the trust of the data in among the participants
Transparency:
- Blockchain enhances transparency by making data immutable and available on a single public ledger.
- The ledger is verified by a decentralised network.
- The network is secured by consensus and verifiable with maths.
- It impossible to manipulate data once it has been confirmed by everyone on the network.
Security:
- Blockchain improves security because all data is stored on a decentralised database.
- The database is not being run by a single owner.
- Data cannot be changed once it has been agreed on b the network and added to the database.
- When data is added it is encrypted.
Improved traceability:
- Blockchain structures data historically and storeâs everything on an open public ledger (database).
- Data is always linked (physically fused) with itâs historical genesis point, allowing it to be tracked all the way back to when it was first input in to the ledger.
Increased efficiency and speed:
- Traditional processâs that would take time and require intermediaries are now automated and streamlined.
Reduced cost:
- By reducing the need for intermediaries many costâs can be brought down dramatically.